Bord Gáis Energy adds €32.7m to profit of parent company Centrica

Bord Gáis Energy contributed an operating profit of €32.7 million in the first six months of the year to its new parent company Centrica.

In January, Bord Gáis Energy was the first energy provider to announce a reduction in prices in the Republic of Ireland, with residential gas prices falling by 3.5% and residential electricity tariffs falling by 2.5%.

Bord Gáis Energy also launched the first residential fixed price tariff in the Republic of Ireland and introduced Hive Active Heating, which allows customers to control their heating and hot water remotely, from a smartphone, tablet or laptop.

“Bord Gáis Energy performed well, having experienced colder than normal weather which resulted in higher than normal gas consumption. Energy accounts were broadly flat over the period, with our price reduction in March positioning us with the cheapest standard dual fuel offering amongst major competitors, while we also commenced the roll-out of our Hive smart thermostat,” the group commented.

Meanwhile British Gas, the main subsidiary of Centrica, reported a profit of £528 million, up from £265 million last year.

The company also announced 6,000 jobs cuts across the organisation, although 2,000 new jobs will be created in growth areas so the net loss will be 4,000.

Centrica, a British utilities company, acquired Bord Gáis Energy in June of last year for €1.12 billion.